Market Overview:
The Singapore MICE market offers meeting and event space in premier convention centres and hotels. This facilitates seamless conducting of business meetings, product launches, tradeshows and corporate events. Singapore's world-class infrastructure and facilities coupled with political and economic stability make it a preferred MICE destination.
Market key trends:
One of the key trends driving growth in the Singapore MICE market is the focus on sustainability and responsibility. Many hotels and venues in Singapore have implemented green initiatives and practices to reduce environmental impact of events. For example, Suntec Singapore prominently displays its sustainability certification and eco-friendly practices to clients. It has measures to reduce plastic and food wastage along with energy conservation efforts. This aligns with preferences of many global corporate clients looking to host sustainable meetings and exhibitions.
Segment Analysis
The Singapore MICE market is segmented by type into meetings, incentives, conferences, and exhibitions. Among these, the conferences segment dominates the market and accounted for nearly 40% share in 2023. Convention centers in Singapore are well equipped to handle large conferences with all necessary amenities and facilities under one roof, which makes it an ideal destination for international conferences.
Key Takeaways
The Singapore Meetings, Incentives, Conferences And Exhibitions (MICE) Market Share is expected to witness high growth, exhibiting CAGR of 9% over the forecast period, 2023 to 2030, due to increasing business events and spending on exhibitions and trade shows in Singapore.
Regional analysis
The Singapore MICE industry dominates the Southeast Asia region due to superior infrastructure and facilities for hosting global events. Being a small country, Singapore has invested heavily in developing state-of-the-art convention centers, allowing it to attract a large number of international events. It is estimated that Singapore will attract over 5 million MICE visitors by 2025.
Key players
Key players operating in the Singapore MICE market are Suntec Singapore, Resorts World Convention Centre, Marina Bay Sands, Singapore EXPO Convention and Exhibition Centre, Raffles City Convention Centre, Singapore International Convention & Exhibition Centre, Changi Exhibition Centre, One Farrer Hotel & Spa, Grand Copthorne Waterfront Hotel, Capella Singapore, PARKROYAL on Beach Road, M Social Hotel Singapore, The Ritz-Carlton Millenia Singapore, InterContinental Singapore, Shangri-La Hotel, Pan Pacific Singapore, The Fullerton Hotel Singapore, The Ritz-Carlton, Millenia Singapore, Sofitel Singapore City Centre, The St. Regis Singapore. These players are focused on expanding their MICE facilities and offerings to gain more market share.
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